Thailand: Ministry urges exporters to buy more jasmine rice to push up price

The Ministry of Commerce is seeking cooperation from exporters to buy more jasmine rice from to shore up price above 11,700 baht per tonne as more supplies are expected in the upcoming new harvest season.

Commerce minister Mrs Apiradee Tantaporn said she would ask exporters to buy rice in order to keep the rice prices above 11,700 baht per ton as now rice from the latest harvest was gradually entering the market.

She will also talk to the Bank for Agriculture and Agricultural Cooperatives about the measures to encourage farmers to delay rice sales and hold rice in their barns, and speed up rice trade negotiation with other countries to release Thai rice supply.

Chairman of Thai Rice Exporters Association Mr Charoen Laothamatas said this year the country's rice yield was good and the rice export volume is likely to increase to more than two million tones.

He said the price of Thai jasmine rice is over US$ 600 per tonne, close to those of neighbouring countries, and not much higher like in the past.

Initially, the association will buy 200,000 tonnes of rice and could buy more if needed under the budget of 60 million baht.

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